Yahoo also reported it was writing down 2 million in charges related to the declining value of Tumblr.
In 2013, Yahoo had paid .1 billion for the blogging service.
This latest mark-down for Tumblr came after an earlier write-down of 0 million.
When Mayer had first joined Yahoo, she had put the emphasis on mobile as a strategy for the company and introduced new measures like ‘no work from home policy.’ Under Mayer, Yahoo bought over Tumblr the popular blogging platform for $1 billion, an acquisition it later indicated had not been profitable.
Yahoo also acquired a news aggregation app called Summly for $30 million, which didn’t bear much results for the company in the news space.
Yahoo’s latest results Yahoo’s results for April-June quarter, which were announced on July 18 showed that the company’s revenue fell 19 percent from 2015, while its loss widened to $440 million.
Yahoo will sell most of its internet business which includes Yahoo Mail, Yahoo New, Yahoo Finance, and Sports websites.
The Yahoo advertising tools will also be sold off under the deal, according to reports.
Yahoo after the sale won’t be an operating company, and will instead function as a stake-holding company with a 35.5 per cent stake in Yahoo Japan and 15 per cent interest in China’s e-commerce company Alibaba Group Holding Ltd.The stake in Yahoo Japan and China’s Alibaba are what give Yahoo it’s current market capitalisation billion.Verizon is expected to buy out Yahoo for a deal valued at billion.According to reports, Verizon and Yahoo’s deal will be announced today before markets open in the US, which should be in the evening according to IST.For Yahoo, the sale of its websites, email services, etc after the company lost momentum and ad dollars to Google and Facebook.Yahoo had hired former Google executive Marissa Mayer as its CEO four years back, who has been unable to turn the company around. Here’s a quick look at the top points one should note, including how Yahoo did in its latest results.